Problem 5-4A (Part Level Submission) Wolford Department Store s located in midto

Question

Problem 5-4A (Part Level Submission) Wolford Department Store s located in midtown Metropolis. During e past several years, ne ncome has been de n ng because su urban shopping centers ha e been a rac n business a sy on November 30, 2017, these accounts appeared in its adjusted trial balance. m o a ea·ALthe end or the compan fiscal year Accumulated Depreciation-Equipment Cost of Goods Sold Gain on Disposal of Plant Assets Salaries and Wages Payable Sales Returns and Allowances Additional data: Notes payable are due in 2021.

Explanation / Answer

Wolford Departmental Store Multi Step Income Statement For the Year Ended November 30th 2017 Net Sales($1084800-$24000) $ 10,60,800.00 Cost of goods sold $    7,37,160.00 Gross Profit $    3,23,640.00 Operating Expenses Salaries & Wages $ 1,40,400.00 Rent Expense $      40,800.00 Advertisement Expense $      40,200.00 Depreciation Expense $      16,200.00 Utilities Expense $      12,720.00 Insurance Expenses $      10,800.00 Freight Out $        7,440.00 $    2,68,560.00 Total Operting Expenses $        55,080.00 Operating Income Non Operating & Others Gain or loss on sale of Plant Assets $        2,400.00 Interest Expense $      (6,000.00) Net Income befor tax $        51,480.00 Tax $        12,000.00 Net Income after tax $        39,480.00 Wolford Departmental Store Retained Earnings Statements For the Year Ended November 30th 2017 Beginning Retained Earnings $      17,040.00 Add: Net Income $      39,480.00 $      56,520.00 Less: Dividend Paid $    -14,400.00 Ending Retained Earnings $      42,120.00 Wolford Departmental Store Balance sheet As At November 30th,2017 Assets Current Assets: Cash $        9,600.00 Accounts Receivable $      20,640.00 Inventory $      31,440.00 Prepaid Insurance $        7,200.00 Total Current Assets $        68,880.00 Propety,Plant & Equipment Equipment $ 1,88,400.00 Less: Accumulated Depreciation $    -81,600.00 Equipment(Net) $    1,06,800.00 Total Assets $    1,75,680.00 Liabilities & Stockholder's equity Current Liabilities Accounts Payable $      32,160.00 Salaries & Wages Payable $        7,200.00 Total Current Liabilities $        39,360.00 Long Term liabilities Note Payable $        52,200.00 Total Liabilitiess $        91,560.00 Stockholder's Equity Common Stock $      42,000.00 Retained Earnings $      42,120.00 Total Stockholder's equity $        84,120.00 Total Liabilities & Stockholder's Equity $    1,75,680.00

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